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VR GROUP LTD Report and Financial Statements of the Board of Directors 2016 1 Jan−31 Dec 2016 2

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VR GROUP LTD Report and Financial Statements of the Board of Directors 2016 1 Jan−31 Dec 2016 2 VR GROUP LTD Report and financial statements of the Board of Directors 2016 1 Jan−31 Dec 2016 2 Contents Market conditions and operating environment ................................................................... 3 Consolidated net sales, result and liquidity ....................................................................... 3 Passenger services ..................................................................................................... 4 VR Transpoint ............................................................................................................ 4 VR Track ................................................................................................................... 5 Shareholders' equity ...................................................................................................... 5 Main events during the financial year ............................................................................... 5 Capital expenditure and rolling stock purchases ................................................................ 7 Changes in corporate structure and real estate transactions ............................................... 8 Safety .......................................................................................................................... 8 Environment ................................................................................................................. 8 Assessment of business risks and uncertainties ................................................................. 9 Personnel ................................................................................................................... 10 Rewarding .................................................................................................................. 11 Management and audit ................................................................................................. 12 Major events after the end of the financial year ............................................................... 13 Outlook for 2016 ......................................................................................................... 13 Board’s proposal on the disposal of profit ....................................................................... 14 3 Market conditions and operating environment Market conditions remained tight for long-distance traffic in VR passenger transport operations as price competition for long-distance traffic further increased. Domestic long-distance competitiveness was strengthened in February by permanently lowering ticket prices and making the pricing structure clearer. These significantly lowered prices led to market-based train journey numbers rising once again, especially on the main routes between large cities. However, the lower price level also meant, as anticipated, a drop in net sales. The drop in net sales was also affected by the Ministry of Transport and Communications’ (LVM) contract traffic cuts made in March 2016. However, from May onwards there was an upturn in the number of passengers using the Allegro trains. For commuter traffic, a contract extension to Summer 2021 was signed with Helsinki Region Transport (HSL). After this, the HSL tendered commuter traffic contract will enter into force. For passenger transport, trains are in competition with both other forms of public transport as well as private vehicles. The number of passengers is affected by factors such as consumer and travel habits, the regional distribution of the population, developments in the infrastructure and transport services for different modes of transport, and the environmental friendliness of different modes of transport. Pricing, travel times and availability are the main factors influencing the demand for services, but also important are comfort, punctuality and the smoothness and ease of the overall travel process. General market conditions in the logistics sector have been tight for a couple of years already, and this can be seen in VR Transports lowered freight prices and heightened competition. The economic situation has improved since the beginning of 2016, but there is still over supply in transport services for some transport flows. VR Track focuses on producing planning, construction and maintenance services for the Finnish and Swedish markets based on the lifespan of infrastructure projects. Competition has tightened further in the markets for track construction and maintenance, and every job is won through a competitive tendering process. Consolidated net sales, result and liquidity The Group’s net sales in 2016 were EUR 1,186.7 million (EUR 1,231.4 million in 2015), a decrease of 3.6 per cent on the previous year. Most of this change can be accounted for by the lowered price level for long-distance passenger services. VR Group posted an operating profit of EUR 43.3 million (EUR 65.4 million). Operating profit for 2016 was strong in all Finnish business operations. VR Group’s result was weakened, however, by the losses experienced by VR Track’s Swedish subsidiary VR Track Sweden. These losses resulted primarily from one maintenance project. It has been agreed to end the project in question ahead of schedule. Losses from this project for the coming years have also been recorded in the result for 2016. 4 Passenger services VR’s net sales for passenger services was EUR 502.0 million (EUR 534.8 million), which represents a drop of 6.1 per cent. This figure includes a 7.9 per cent fall in net sales for train transport, and a 1.3 per cent decrease for bus and coach transport. Net sales for restaurant services provider Avecra rose by 2.2 per cent overall, with particularly high growth for train services. In 2016, a total of 117.9 million passenger trips were made. The number of journeys rose by 6.7 per cent compared to the previous year. A total of 82.1 million train journeys were made, representing an increase of 9.0 per cent on the previous year. A total of 35.8 million bus and coach journeys were made, representing an increase of 1.7 per cent on the previous year. For long-distance traffic, journey numbers increased by 2.8 per cent in spite of the significant cuts in LVM contract traffic. The quantity of market-based journeys rose by 8.4 per cent. The number of journeys made on Allegro services between Finland and Russia increased by 8.2 per cent. The filling rate for market-based traffic clearly increased, rising to 41.7 per cent. Commuter traffic journeys rose by 10.2 per cent, in large part thanks to the Ring Rail Line. Passenger Services recorded an operating profit of EUR 16.6 million (EUR 9.9 million). The competitiveness programme initiated in 2015 for increasing the operational efficiency of long-distance traffic lowered expenses by EUR 41.9 million. The set goal of EUR 50 million of expenses saved will be achieved in full during 2017. Efficiency measures have made possible a lowering of ticket prices. Also, the earlier-initiated efficiency measures for commuter traffic continued. The punctuality of long-distance services in 2016 was 86.0 per cent (87.2%), while the figure for commuter services was 95.5 per cent (94.7%). The factors behind these delays included rolling stock and safety equipment malfunctions as well as the extra speed limits resulting from track work, which continued throughout almost the whole year. VR Transpoint Net sales for VR Transpoint totalled EUR 380.7 million, an increase of 0.1 per cent on the previous year (EUR 380.5 million). Net sales in rail logistics grew by 3.0 per cent, but net sales in road services declined by 9.6 per cent compared to the previous year. VR Transpoint posted an operating profit of EUR 34.5 million (EUR 27.0 million). VR Transpoint’s transports consist primarily of raw materials and products for the mechanical and chemical forest industry and the metal, construction and chemical industries. VR Transpoint's total transport volumes in 2016 rose 7.6 per cent from the previous year's levels, totalling 41.3 million tonnes (38.4 million tonnes). Rail logistics improved its result through improvements in operational efficiency, which also enabled investments in price competitiveness. 5 VR Track VR Track’s net sales were EUR 294.3 million (EUR 300.5 million), which represents a decrease of 2.1 per cent on the previous year. VR Track posted an operating loss of EUR -14.1 million (EUR 18.1 million). The loss resulted primarily from one project undertaken by VR Track’s Swedish subsidiary VR Track Sweden AB. It has been agreed with the client that this project be concluded in April 2017. The projected losses for the remaining duration of the project have been entered into obligatory provisions having a negative effect on the accounting period’s result. VR Track Sweden has initiated a change programme for improving profitability, and operational efficiency has already improved. In Finland, VR Track's construction business activities developed positively, with net sales rising by 11.1 percent compared to the previous year. Business related to infrastructure project planning also developed well, seeing a rise of 14.2 per cent in net sales. The other financial indicators are given in section [23] of the notes to the financial statements. Shareholders' equity The company has a total of 2,200,000 shares. The company's share capital is EUR 370,013,438.22. The parent company's distributable profit totalled EUR 91.8 million at the end of 2015. Main events during the financial year The pricing reforms to long-distance passenger services introduced
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